Net Loss Per Share

6 Months Ended

Jun. 30, 2026

12. Net Loss Per Share

Basic and diluted net loss per share is computed by dividing net loss by the weighted-average common shares outstanding. The weighted-average common shares outstanding used in the basic and diluted net loss per share calculation includes pre-funded

warrants issued in connection with the Company’s underwritten offerings. As of June 30, 2026 and June 30, 2025, 445,422 and 385,899 pre-funded warrants were outstanding, respectively.

The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(59,532	)	$	(55,247	)	$	(123,036	)	$	(89,332	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		38,685,565			35,024,592			38,589,035			34,179,364
Net loss per share, basic and diluted	$	(1.54	)	$	(1.58	)	$	(3.19	)	$	(2.61	)

The Company has generated a net loss in all periods presented, so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive. As of June 30, 2026 and June 30, 2025, the Company excluded the following potential common shares from the computation of diluted net loss per share because including them would have had an anti-dilutive effect:


	As of June 30,
	2026		2025
Options to purchase common stock		3,706,349		3,452,796
Restricted stock units		1,348,329		997,737
Employee stock purchase program		8,767		6,657